Garware Hi-Tech Q1 Results: Profit Doubles To Rs 88 Crore

Garware Hi-Tech Films Ltd. on Thursday reported a 102% year-on-year advance in net profit for the first quarter of this financial year.

The maker of polyester films recorded a net profit of Rs 88.35 crore for the quarter-ended June, as compared to Rs 43.69 crore in the same quarter last year, according to its stock exchange notification.

Revenue increased by 25% year-on-year for the three months ended June, reaching Rs 474.47 crore.

Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose 86% year-on-year to Rs 118.64 crore. The Ebitda margin expanded to 25% from 16.8% in the same period the previous year.

Solar Control Film business achieved record revenue growth in June quarter, on the back of increase in sales of high-end value-added products and penetration to new geographies, the company said in the exchange filing. IPD business witnessed recovery in both specialty and commodity segments, with marginal growth in the quarter.

“Our robust quarterly performance of highest-ever sales and profitability achieved through increased contribution of high-end value-added products across all segments despite the continuing global uncertainty. We foresee this momentum to continue way forward with our state-of-the-art manufacturing facilities, excellence in R&D, and strong global distribution network,” said Monika Garware, vice chairperson and joint managing director, Garware Hi-Tech Films.

Shares of the company were locked in a upper circuit of 20% at Rs 2,895.40 apiece, as compared to a 0.85% decline in the NSE Nifty 50. The stock has risen 108.28% year-to-date and 193.18%, respectively over the past 12 months.